In the past, various devices have been developed for cutting a predetermined length of gold wire and simultaneously crimping the gold wire to an insulated wire by means of a metallic crimping clip. A typical such device includes a press unit and a die set having various crimping and cutting tools. These previously employed devices have the disadvantages that the length of the gold wire extending from the crimp was dependent on the tools which were set into the press unit. Each time a new length was desired, it was necessary to change the tools in the press. This required removing the die set from the press unit, changing inserts in the die sets, and reinstalling the die set into the press unit. This operation--going from one wire length to another, was very time consuming.